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The Commission was also seeing many companies restate their financial statements: 104 in 1997, 116 in 1998, and 142 in 1999. The growing trend in the number of restatements did not abate in 2000. According to a recent study, there were 156 restatements last year. The study further reports that the restatements resulted in total market losses of $31.2 billion in 2000, $24.2 billion in 1999 and $17.7 billion in 1998.

The SEC and 37 of its IOSCO counterparts conducted a second International Internet Surf Day in
an ongoing effort by securities regulators to detect and deter securities violations occurring on the Internet, particularly those involving cross-border activity.

Approximately 300 staff of IOSCO members surfed the Internet for fraudulent solicitation of investors, manipulation, the circulation of false or misleading information, and insider trading. Regulatory authorities collectively identified over 2,400 sites for follow-up review, with over 278 of the sites involving cross-border activity. IASB recently decided not to pursue the IASC Project on Business Reporting on the Internet. Click for SEC Press Release (PDF 9k).

The European Commission has adopted a Recommendation on recognition, measurement, and disclosure of environmental liabilities and expenditures in the annual accounts and annual reports of EU companies.

"The Recommendation has been prepared taking into account relevant requirements in International Accounting Standards (IAS).... However, there exists little guidance directly related to environmental issues in IAS and no specific IAS is solely focused on these issues." Click for Full Text of Recommendation (PDF 144k).

Stevenson of Australia as its Director of Technical Activities, its senior technical staff position. Kevin Stevenson currently is managing director of Stevenson McGregor and is a member of the Australian Accounting Standards Board. Formerly, he was Senior Technical Partner, PricewaterhouseCoopers, Australia and a member of IASC's Standing Interpretations Committtee and the Australian Urgent Issues Group. He is also a former Executive Director of the Australian Accounting Research Foundation. He will begin his position in February 2002. James Saloman will remain Technical Director of the IASB until the end of the year and will return to PricewaterhouseCoopers in 2002. Click for IASB News Release (PDF 14k).

Upton, formerly Senior Project Manager at the US Financial Accounting Standards Board, will be IASB's Director of Research. The Director of Research will directly oversee IASB's technical agenda projects and will report to the Director of Technical Activities.

The European Financial Reporting Advisory Group -- an organisation established in March
by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters -- has created a Technical Expert Group and a Supervisory Board to serve as Europe's "IAS Endorsement Mechanism".

Technical Expert Group members are Johan van Helleman, Chairman, Yves Bernheim, Andreas Bezold, Allan Cook, Stig Enevoldsen, Begoña Giner, Hans Leeuwerik, Freddy Méan, Eberhard Scheffler, Friedrich Spandl, and Giuseppe Verna. The Technical Expert Group will assess the acceptability of IAS within the European legal environment as well as provide views to IASB as standards are being developed.

The IASC Foundation Trustees have named 49 people to the Standards Advisory Council.

SAC members will advise the IASB on technical standards-setting issues, including agenda selection. SAC will hold its first meeting with the Board 23-24 July. SAC members include four Deloitte partners (Messrs. Wilmot, Malegam, Enevoldsen, and Inbar). Click for More Information about the SAC.

Batch 6 includes 24 Q&A; and illustrative examples. Comment deadline is 24 August. One of the questions and related examples address the particularly thorny issue of applying hedge accounting when a bank or other financial institution manages its interest rate risk on an enterprise-wide basis. The guidance includes an example of a methodology that allows for the use of hedge accounting and takes advantage of existing bank risk management systems so as to avoid unnecessary changes to it and to avoid unnecessary bookkeeping and tracking.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

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